Brand Finance Lanka has released its annual analysis of brands in Sri Lanka for the fifth consecutive year with the brand line up showing some dramatic shifts which is primarily being driven through the uncertainties faced by many businesses, Brand Finance said in a press release.
“Brands which are built on the foundation of confidence, sees a shake up which has brought two government institutions to the forefront as being the most valuable brands in the country,” noted Ruchi Gunewardene, Managing Director of Brand Finance Lanka. BoC (Bank of Ceylon) which is the No1 brand in value followed by Peoples Bank at No 2 spot. BoC has taken over Dialog’s position as the most valuable brand.
The ranking also finds yet another state bank, NSB within the top 10 at number 8.
Mr. Gunewardene said, “in recent years BoC, People’s Bank and NSB, have shed their government bureaucracy and sharpened their business orientation through managing costs, more prudent lending policies and acquiring skills in brand management and marketing, thus leveraging their extensive reach and building brand equity to accelerate the growth of these huge enterprises, creating immense value in the process”.
“Also, in the context of the future market and financial uncertainties, government backed enterprises provide security to customers. It is ironic that the developed countries have come full circle, through the forced nationalization of banks to prop up those failing enterprises. It is now evident that having a balanced regulatory framework is absolutely essential for creating the right business platform”.
In the Brand Rating table, which looked at the strength of the brand, Singer is the strongest brand, which it has been since the inception of this analysis five years ago, followed by Cargills Food City. This year’s listing provides a more in-depth picture of the Sri Lankan brand scene with the publishing of a third table, featuring Unlisted or Private brands which is headed by Panadol, with Sunlight in second position. This list is dominated by multinationals, indicative of the gap that Sri Lankan brands have to bridge.